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Thursday, September 4, 2014

REC set to fund Rs.20,000 crore of power projects in Telangana

REC CMD Rajeev Sharma

STATE-owned Rural Electrification
Corporation (REC) is all set to finance power projects in India's
youngest state. The power project financier will provide fund to the
tune of Rs.20,000 crore. This was disclosed by REC chairman and
managing director Rajeev Sharma during...

REC also agreed to fund all the power
projects of GENCO, says a statement issued from the chief minister's
office.

Rajeev Sharma assured to fund the
projects of Telangana Genco, Transco and distribution companies.
Chief Minister Rao thanked the REC chairman for extending the help

GENCO chairman and managing director D.
Prabhakar Rao was also present during the discussion.

The chief minister, who is popularly
known as KCR, also discussed the power scenario with both the
officials.

The department of disinvestment (DoD)
on September 1 had notified its plan to sell five percent stake in
each of the state-owned companies REC and Power Finance Commission
(PFC) which will roughly fetch Rs 3,050 crore at current market
rates. The government plans to sell 4.93 crore shares of the 64.81
crore shares (65.64 percent) its owns in REC. The Centre will sell
6.6 crore shares of the total 96.09 crore shares (72.8 percent) in
PFC, the DoD notified on its website.

A Navratna PSU under the ministry of
power, REC is a premier financial institution financing power
projects in the field of generation, transmission and distribution.
Over the years, the PSU has witnessed phenomenal growth. For the
fiscal ending on March 31, 2014, REC achieved a record total income
of Rs 17121 cr with a net profit of Rs 4683 crore. Employing a lean
manpower structure, the PSU has evolved a performance-oriented work
culture.